Hi Mark - I received my miniPC last night and have so far spent 7+ hours trying to get it to work - I get the same symptoms as you.
When I put in my Pentium M 740 and SODIMM2, HD it posted and I was able to install windows and use it for a while. When I attemped to reboot - no post. Keeps shutting on and off but no POST.
When I finally got it to boot again, I tried changing various BIOS options to no avail. Suspend works - it comes out of it no problem.
I have since tried a Celeron M processor I pulled from a laptop as well as tried Corsair ValueSelect, K-Byte, and Kingston DDR2 ram chips.
I would love to keep it - hopefully someone can helps us out here.